The competition for talent is more intense than ever. We’re now seeing “Help wanted” signs stay posted on business doors for months. Mid-level professionals are securing once unthinkable salaries. Talented and experienced workers are leaving long-held positions and employers aren’t replacing them because they can’t. According to a fall 2021 Manpower Group global survey, nearly 70% of employers are having difficulty filling their open positions – a 15-year high.

According to SHRM, 84% of executives state that openings are going unfilled for longer periods than pre-pandemic. With the addition of skills shortages and media coverage of the Great Resignation, many organizations are realizing their employees are in the driver’s seat. The days of assuming employees feel lucky to hold a job with a good company are behind us.

In our 2022 Pulse of Talent survey, Ceridian asked more than 6,800 workers from around the world about their experiences at work during the pandemic. We also asked what they value from employers, and what would keep them from leaving their current jobs. Perhaps unsurprisingly, 61% of employees are a flight risk, with 38% open to the right opportunity

The focus on pay might seem like bad news for organizations competing with large brands that are able to offer the highest salaries and the best perks. However, our survey also revealed that a good salary is not a silver bullet for retention.

Our findings showed a complex set of drivers influence employee career decisions and performance – and that’s a big opportunity for companies that can’t compete on pay alone.

Keeping your best employees is solvable if you’re willing to change the way you think about human capital management. Good compensation, flexibility, and opportunities for growth are critical but they aren’t enough to retain people long-term.